Silkhaus, the Dubai-based proptech startup operating in short-term rental services across the Middle East and Asia, said on Wednesday it has raised a multi-million dollar pre-series A financing from San Francisco headquartered Partners for Growth (PFG).
The agreement also provides the rental company access to an additional multi-million dollar credit line to support its expansion plans.
The company, however, did not disclose the amounts raised in the latest funding round or in the credit line facility.
In 2022, Silkhaus raised $7.75 million from global investors, in one of the largest seed rounds in the history of the GCC region.
Aahan Bhojani, Founder and CEO of Silkhaus, said the company is thrilled to partner with the PFG team as it begins scaling up operations across the GCC with a diversified capital stack and investor base.
“We have focused on financial sustainability since inception, and this global capital partnership with PFG is a testament to our fundamentally strong unit economics,” he said.
Armineh Baghoomian, Managing Director and Head of EMEA at Partners for Growth, said Silkhaus’ strong fundamentals have put them on the path to success and “we are excited to be a part of their growth story”.
“Through the use of technology, Silkhaus is reinventing how landlords and institutional investors are able to monetize their asset base,” Baghoomian said.
Silkhaius said since its launch, it has experienced incredible demand, growing by 120 percent over the past 12 months.
Guests from more than 120 countries have stayed at the company’s rental properties.
Its platform empowers property owners with digital tools to monetise and manages their properties as short-term rentals, while providing business and leisure travellers with high-quality accommodation experiences.
Headquartered in the UAE, the company operates across MENA, South Asia, and Southeast Asia.
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